Group 1: Report Industry Investment Rating - Not provided in the given content Group 2: Core Viewpoints of the Report - China's M2 in October decreased but was slightly higher than expected, mainly due to a decrease in household and corporate deposits and an increase in government department deposits. The overall M2 continued to remain at a reasonable level, and the monetary policy remained loose. The year-on-year decline in new social financing was mainly due to a decrease in household credit demand and fiscal financing demand, and the transmission from loose money to loose credit slowed down. Given the current slowdown in domestic economic growth and reduced external shock risks, the monetary policy will continue to be moderately loose. With the completion of the投放 of new policy-based financial instruments in October, the boosting effect on social financing may become more apparent, and the transmission from loose money to loose credit is expected to gradually accelerate. In the short term, financial data indicates a slowdown in overall domestic demand, which is negative for domestic risk assets and the RMB exchange rate. In the medium to long term, the process of loose credit is expected to accelerate further [2]. - M1 slightly declined, while M2 remained at a high level. Currently, the overall capital supply remains stable, the supply of base money increases, and the monetary policy remains loose. With the acceleration of debt resolution, the implementation of fiscal policies, and the investment of policy-based financial instruments, the demand for credit creation is expected to pick up, and M2 is expected to maintain a relatively high growth rate in the short term [2]. - The new RMB loans in October were lower than expected and decreased year-on-year, mainly due to a significant decline in household sector loans. The new corporate loans increased year-on-year, but the new medium - and long - term corporate loans were affected by factors such as local government debt repayment and the yet - to - be - realized boosting effect of new policy - based financial instruments. The new bill financing increased significantly year - on - year [3]. - The new social financing scale in October was lower than expected and decreased year - on - year. The financing demand of the real economy decreased year - on - year, mainly due to the decline in the financing demand of the household and government sectors. In the short and medium term, government financing may continue to slow down but maintain relatively high demand. The financing demand of the corporate sector is expected to gradually improve in the medium to long term, while the financing demand of the household sector will continue to be dragged down by weak real estate demand. The process of loose credit is expected to accelerate in the medium to long term [4]. Group 3: Summary by Relevant Catalogs Macroeconomic Data - In October, the new RMB loans were 22 billion yuan (expected 50 billion yuan, previous value 129 billion yuan), the new social financing scale was 814.9 billion yuan (expected 1165 billion yuan, previous value 3529.6 billion yuan), and the year - on - year growth rate of M2 was 8.2% (expected 8.1%, previous value 8.4%) [1][2]. - M1 year - on - year growth rate was 6.2% (expected 7.0%, a 1% decline from the previous month), M0 year - on - year growth rate was 10.6% (a 0.9% decline) [2]. RMB Loans - New household short - term loans were - 28.66 billion yuan, a year - on - year decrease of 33.56 billion yuan; new household medium - and long - term loans were - 7 billion yuan, a year - on - year decrease of 18 billion yuan [3]. - New corporate loans were 35 billion yuan, a year - on - year increase of 22 billion yuan. Among them, short - term loans were - 19 billion yuan, the same as the previous year; medium - and long - term loans were 3 billion yuan, a year - on - year decrease of 14 billion yuan; new bill financing was 50.06 billion yuan, a year - on - year increase of 33.12 billion yuan [3]. Social Financing Scale - The new social financing scale in October decreased year - on - year. From the perspective of the structure of new social financing, the credit financing demand of the real economy decreased year - on - year, household and corporate credit declined, corporate bond financing increased, government bond issuance slowed down significantly, and non - standard financing demand decreased slightly [4]. - New credit in October was - 2.01 billion yuan, a year - on - year decrease of 31.66 billion yuan. Non - standard assets (trust loans, entrusted loans, and undiscounted bank acceptance bills) decreased by 10.86 billion yuan in total, a year - on - year decrease of 3.58 billion yuan. Corporate bond financing increased by 24.69 billion yuan, a year - on - year increase of 14.82 billion yuan. Government bond net financing was 48.93 billion yuan, a year - on - year decrease of 56.02 billion yuan under a high base [4].

Core Insights - The People's Bank of China reported that the social financing scale maintained a high growth rate in October, contributing to a favorable monetary environment for economic recovery [1][4]. Group 1: Social Financing and Monetary Supply - As of the end of October, the total social financing scale reached 437.72 trillion yuan, with a year-on-year growth of 8.5%, which is 0.7 percentage points higher than the same period last year [1]. - The cumulative increase in social financing for the first ten months was 30.9 trillion yuan, exceeding the previous year's figure by 3.83 trillion yuan [1]. - The broad money supply (M2) stood at 335.13 trillion yuan at the end of October, reflecting a year-on-year growth of 8.2%, which is 0.8 percentage points higher than the same period last year [4]. Group 2: Loan Growth and Structure - In the first ten months of the year, the increase in RMB loans was 14.97 trillion yuan, indicating reasonable growth in loan scale and continuous optimization of credit structure [7]. - By the end of October, the total RMB loan balance was 270.61 trillion yuan, with a year-on-year growth of 6.5% [7]. - The balance of inclusive small and micro loans reached 35.77 trillion yuan, growing by 11.6% year-on-year, while medium to long-term loans in the manufacturing sector amounted to 14.97 trillion yuan, with a growth rate of 7.9% [9]. Group 3: Interest Rates and Economic Signals - The average interest rate for newly issued corporate loans in October was 3.1%, approximately 40 basis points lower than the same period last year, while the average interest rate for new personal housing loans was also 3.1%, down about 8 basis points year-on-year [11]. - The narrowing of the M1-M2 spread to 2% by the end of October indicates a solid trend of funds being converted into demand deposits, reflecting a high level of fund activation and positive signals regarding corporate operations and personal consumption [6].

11月13日，央行公布10月金融统计数据。广义货币（M2）和社会融资规模增速均保持在较高水平，持 续为经济回升向好创造适宜的货币金融环境。 具体看，2025年10月末，M2余额335.13万亿元，同比增长8.2%，比上年同期高0.8个百分点，在上年同 期基数提高的背景下，仍保持较高增速。 社会融资规模存量437.72万亿元，同比增长8.5%，比上年同期高0.7个百分点。1至10月，社会融资规模 增量为30.9万亿元，同比多增3.83万亿元。 "总体来看，M2和社会融资规模增速均保持在较高水平，持续为经济回升向好创造适宜的货币金融环 境。其中，广义货币（M2）余额335.13万亿元，同比增长8.2%，比上年同期高0.8个百分点，在上年同 期基数提高的背景下，仍保持较高增速。"业内专家表示。 图片来源：视觉中国 来源：北京日报客户端 记者：潘福达 该团队称，综合考虑近期外部环境及国内经济金融形势变化，着眼于稳定今年四季度及明年一季度宏观 经济运行，更大力度促进房地产市场止跌回稳，年底前货币政策将进一步加力。 数量型政策方面，在近期央行持续通过买断式逆回购、MLF（中期借贷便利）等政策工具向市场注入 中期流动性，并 ...

Core Insights - The People's Bank of China reported that in the first ten months of this year, RMB loans increased by 14.97 trillion yuan, with corporate loans accounting for 13.79 trillion yuan [1] Group 1: Loan Statistics - As of the end of October, the total RMB loan balance reached 270.61 trillion yuan, reflecting a year-on-year growth of 6.5% [1] - In the first ten months, household loans increased by 739.6 billion yuan, while corporate loans rose by 13.79 trillion yuan, with medium to long-term loans contributing 8.32 trillion yuan [1] Group 2: Money Supply - By the end of October, the broad money supply (M2) stood at 335.13 trillion yuan, showing a year-on-year increase of 8.2% [1] - The narrow money supply (M1) reached 112 trillion yuan, with a year-on-year growth of 6.2% [1] - The currency in circulation (M0) amounted to 13.55 trillion yuan, reflecting a year-on-year increase of 10.6% [1] Group 3: Deposit Statistics - In the first ten months, RMB deposits increased by 23.32 trillion yuan, with household deposits rising by 11.39 trillion yuan [1]

Core Insights - The People's Bank of China reported that by the end of October 2025, the total social financing scale reached 437.72 trillion yuan, marking an 8.5% year-on-year increase [1] - The report indicates a mixed performance in various lending categories, with significant growth in government bonds and a decline in foreign currency loans [1][4] Financing Structure - By the end of October, the balance of RMB loans to the real economy accounted for 61% of the total social financing scale, down 1.3 percentage points year-on-year [2] - The balance of foreign currency loans accounted for 0.3%, remaining stable year-on-year, while the proportion of entrusted loans and trust loans also saw slight declines [2] Financing Increment - In the first ten months of 2025, the cumulative increment of social financing was 30.9 trillion yuan, which is 3.83 trillion yuan more than the same period last year [3] - The increase in RMB loans to the real economy was 14.52 trillion yuan, which is a decrease of 1.16 trillion yuan compared to the previous year [3] Deposit and Loan Trends - In the first ten months, RMB deposits increased by 23.32 trillion yuan, with household deposits contributing 11.39 trillion yuan [4] - By the end of October, the balance of RMB loans was 270.61 trillion yuan, reflecting a year-on-year growth of 6.5% [4] Interbank Market Activity - In October, the total transaction volume in the interbank RMB market reached 164.86 trillion yuan, with an average daily transaction of 9.16 trillion yuan, showing a year-on-year increase of 0.9% [5] - The weighted average interest rate for interbank borrowing was 1.39%, lower than both the previous month and the same period last year [5]

Market Performance - Major US indices experienced declines, with the Dow Jones Industrial Average down by 797.6 points (-1.65%) to 47,457.22, and the Nasdaq down by 536.1 points (-2.29%) to 22,870.36 [2] - European indices also saw losses, with the DAX down by 339.84 points (-1.39%) to 24,041.62, while the UK FTSE 100 fell by 103.74 points (-1.05%) to 9,807.68 [2] - In contrast, several Asian indices showed positive movement, with the Shanghai Composite Index up by 29.36 points (0.73%) to 4,029.5 and the Shenzhen Component Index up by 235.9 points (1.78%) to 13,476.52 [2] Regulatory Developments - The Chairman of the China Securities Regulatory Commission, Wu Qing, visited France and Brazil to discuss securities market regulation and deepen bilateral cooperation [3] - The European Union plans to impose fees on small packages from China starting next year, aimed at curbing the influx of inexpensive goods [6] Corporate Earnings - Tencent reported Q3 revenue of 192.87 billion yuan, a 15% year-on-year increase, with net profit rising 19% to 63.13 billion yuan [8] - JD.com posted Q3 revenue of 299.1 billion yuan, a 14.9% increase, but net profit fell to 5.3 billion yuan from 11.7 billion yuan year-on-year [8] - Semiconductor manufacturer SMIC reported Q3 revenue of 17.162 billion yuan, up 9.9%, with net profit increasing 43.1% to 1.51 billion yuan [8] - Bilibili's Q3 net revenue was 7.69 billion yuan, reflecting a 5% year-on-year growth [8] Investment Trends - BlackRock's Q3 13F report indicated significant increases in holdings of Microsoft, Amazon, and Nvidia, while reducing its stake in Apple by 2.5 million shares [7] - Michael Burry, known for his bearish stance, dissolved his asset management firm and warned of risks associated with major tech companies using AI-driven accounting methods [10] New Initiatives - Apple launched a Mini App Partner Program, reducing its revenue cut from 30% to 15% for developers selling qualifying in-app purchases [11][12]

Group 1 - The People's Bank of China reported that as of the end of October, the broad money supply (M2) reached 335.13 trillion yuan, with a year-on-year growth of 8.2% [1] - The narrow money supply (M1) stood at 112 trillion yuan, showing a year-on-year increase of 6.2% [1] - The amount of cash in circulation (M0) was 13.55 trillion yuan, reflecting a year-on-year growth of 10.6% [1] Group 2 - In the first ten months of the year, new RMB loans increased by 14.97 trillion yuan, with household loans rising by 739.6 billion yuan and corporate loans increasing by 13.79 trillion yuan [1] - The increase in corporate loans included a rise of 4.34 trillion yuan in short-term loans and 8.32 trillion yuan in medium to long-term loans [1] - The chief economist of China Minsheng Bank noted that the M2 growth rate slightly decreased by 0.2 percentage points compared to the previous month, but remained 0.7 percentage points higher than the same period last year [1][2] Group 3 - The "M2-M1 spread" widened to 2 percentage points, indicating a continued trend of funds being converted into demand deposits, which reflects increased business activity and a gradual recovery in personal investment and consumption demand [2] - The October loan data showed a year-on-year decrease, attributed to the traditional off-peak season for credit, highlighting the importance of observing social financing to assess overall financial support [2]

Group 1 - The total social financing scale at the end of October 2025 was 437.72 trillion yuan, an increase of 8.5% year-on-year [1] - The balance of RMB loans to the real economy was 267.01 trillion yuan, growing by 6.3% year-on-year [1] - The balance of foreign currency loans to the real economy, converted to RMB, was 1.15 trillion yuan, showing a decline of 16.9% year-on-year [1] Group 2 - The cumulative increase in social financing for the first ten months of 2025 was 30.9 trillion yuan, which is 3.83 trillion yuan more than the same period last year [2] - The balance of broad money (M2) at the end of October was 335.13 trillion yuan, with a year-on-year growth of 8.2% [2] - The balance of narrow money (M1) was 112 trillion yuan, reflecting a year-on-year increase of 6.2% [2] Group 3 - The increase in RMB deposits for the first ten months was 23.32 trillion yuan, with household deposits rising by 11.39 trillion yuan [3] - The balance of RMB loans at the end of October was 270.61 trillion yuan, marking a year-on-year growth of 6.5% [3] - Corporate loans increased by 13.79 trillion yuan, with short-term loans rising by 4.34 trillion yuan and medium to long-term loans increasing by 8.32 trillion yuan [3]

Group 1 - The total social financing stock at the end of October 2025 was 437.72 trillion yuan, representing a year-on-year growth of 8.5% [2] - The total amount of social financing increased by 30.9 trillion yuan in the first ten months of 2025, which is 3.83 trillion yuan more than the same period last year [4] - The broad money supply (M2) at the end of October was 335.13 trillion yuan, with a year-on-year increase of 8.2% [5] Group 2 - The balance of RMB loans to the real economy was 267.01 trillion yuan at the end of October, showing a year-on-year growth of 6.3% [2] - The balance of foreign currency loans to the real economy, converted to RMB, was 1.15 trillion yuan, reflecting a year-on-year decline of 16.9% [2] - The balance of corporate bonds was 33.68 trillion yuan, with a year-on-year increase of 4.9% [2] Group 3 - In the first ten months, RMB loans increased by 14.97 trillion yuan, with household loans rising by 739.6 billion yuan [7] - The net financing of government bonds was 11.95 trillion yuan, which is 3.72 trillion yuan more than the same period last year [4] - The balance of foreign currency deposits was 1.04 trillion USD, showing a year-on-year growth of 24.3% [6] Group 4 - The average weighted interest rate for interbank RMB market lending in October was 1.39%, lower than the previous month and the same period last year [8] - The total amount of cross-border RMB settlements under the current account in October was 1.41 trillion yuan [8] - The total amount of direct investment cross-border RMB settlements was 0.65 trillion yuan [8]

Domestic News - The People's Bank of China reported that as of the end of October, the broad money supply (M2) reached 335.13 trillion yuan, growing by 8.2% year-on-year. The narrow money supply (M1) was 112 trillion yuan, up by 6.2%, and the currency in circulation (M0) was 13.55 trillion yuan, increasing by 10.6%. A net cash injection of 728.4 billion yuan occurred in the first ten months [1] - Preliminary statistics from the People's Bank of China indicated that the cumulative increase in social financing for the first ten months of 2025 was 30.9 trillion yuan, which is 3.83 trillion yuan more than the same period last year. As of the end of October, the total social financing stock was 437.72 trillion yuan, reflecting an 8.5% year-on-year growth [1] - The Ministry of Water Resources reported that from January to October, national investment in water conservancy construction reached 1,009.47 billion yuan, with 46,000 various water projects implemented and 28,000 new projects started. This construction created 2.484 million jobs and paid out 47.06 billion yuan in wages [3] International News - The U.S. government shutdown was officially ended when President Trump signed a temporary funding bill, which he stated resulted in a loss of 1.5 trillion dollars [4] - Australia's unemployment rate fell to 4.3% in October 2025, down from 4.5% the previous month, matching levels seen in June, July, and August of this year [4] - The UK's GDP growth for Q3 2025 was reported at 0.1% quarter-on-quarter, a slowdown from 0.3% in Q2, and the year-on-year growth was 1.3%, slightly below expectations [4] - Vietnam plans to raise the minimum wage by over 7% starting January 2026, adjusting monthly salary standards to between 3.7 million and 5.31 million Vietnamese dong [4] - Japan is set to increase visa fees, departure taxes, and accommodation taxes to manage the pressure from a surge in tourists [4] Market Overview - The Shanghai Composite Index closed at 4029.5, up by 0.73% - The Shenzhen Component Index reached 13476.52, increasing by 1.78% - The ChiNext Index rose to 3201.75, with a gain of 2.55% - The CSI 300 Index was at 4702.07, up by 1.21% - The Hang Seng Index closed at 27073.03, rising by 0.56% - The onshore RMB was quoted at 7.0959, appreciating by 162 points - The offshore RMB was at 7.0968, up by 143 points - The U.S. Dollar Index decreased by 0.33% to 99.17 - WTI crude oil was priced at 58.24, down by 0.43% - Brent crude oil was at 62.51, decreasing by 0.32% - COMEX gold reached 4238.6, increasing by 0.59% - COMEX silver was priced at 54.185, up by 1.36% [6]